Europe High Heat Bearing Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis

The Europe high heat bearing market size is expected to reach US$ 1,841.57 million by 2031 from US$ 1,294.49 million in 2023. The market is estimated to record a CAGR of 4.5% from 2023 to 2031.

Executive Summary and Europe High Heat Bearing Market Analysis:

In Europe, the renewable energy industry is contributing the demand for high heat bearings, which are particularly used in wind turbines to ensure smooth operation while translating wind energy into electric energy with utmost efficiency and reliability. Wind turbines operate in harsh environmental conditions, and their components, including bearings, are exposed to high mechanical and thermal stresses. With the European Union's ambitious goal to become carbon-neutral by 2050, there is a strong push toward the utilization of renewable energy sources, including wind energy. This transition is expected to bolster the benefit the high heat bearing market in the coming years owing to their capability of withstanding the high temperatures generated during wind turbine operations.

SKF, a leading bearing manufacturer based in Sweden, is investing in high-quality bearings specifically designed for the wind energy industry. Its pioneering bearing and seal technologies play a vital role in renewable energy and electric mobility; its bearings particularly help end users ensure optimal turbine performance with reduced maintenance costs. In November 2024, SKF secured EUR 430 million (US$ 465.0 million) in financing from the European Investment Bank (EIB) for a period of up to 10 years. This funding will bolster SKF's research and development efforts, specifically emphasizing high-growth sectors and technologies crucial to green transition and sustainability. The loan emphasizes SKF's commitment to fostering innovation for a sustainable future. Such companies align with Europe's broader goals of promoting sustainability alongside fueling the growth of the high heat bearing market in the region.

Europe High Heat Bearing Market Strategic Insights

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Europe High Heat Bearing Market Segmentation Analysis

Key segments that contributed to the derivation of the Europe high heat bearing market analysis are type and industry.

• Based on type, the Europe high heat bearing market is segmented into plain bearings, roller bearings, and deep groove ball bearings. The roller bearings held the largest share of the market in 2023. The plain bearings segment is further sub segmented into sperical plain bearings, rod ends, and bushings.
• Based on industry, the Europe high heat bearing market is segmented into metal processing, aerospace, defense, food and beverages, energy and power, manufacturing, automotive, and others. The manufacturing held the largest share of the market in 2023.

Europe High Heat Bearing Market Outlook

Various equipment and instruments used in the food and beverage industry are subjected to extreme temperatures, steam, and pressure. High heat bearings are vital for guaranteeing the smooth operation of critical equipment operating in severe temperature conditions in food processing and packaging facilities. These components are particularly essential in machinery deployed in processes such as pasteurization, sterilization, and drying. Further, baking, frying, freezing, and refrigeration are all examples of food production techniques that involve both high and low temperatures. Continuous exposure to heat and steam in the food and beverage processing plants can cause a wide range of materials to corrode, resulting in the failure of instruments.

The need for high heat bearings in the manufacturing of various types of equipment utilized in the food and beverages sector is increasing with the uninterrupted growth of the food processing industry. The elevating demand for convenience in food and innovation in plant-based food categories propels the growth of the global food processing sector. As of 2023, the food processing industry was highly developed in Europe with 294,000 operational firms, representing a 15.2% share of the overall industrial sector in the region and generating US$ 1,172.43 billion as a cumulative value. France leads the way with 55,810 food processing firms, generating US$ 189.25 billion in revenue and accounting for 14% of the overall European food industry. Various players across the world are expanding their presence by making investments in the food processing businesses. Thus, the flourishing food processing industry with increasing investments creates a noteworthy demand for high heat bearings.

Europe High Heat Bearing Market Country Insights

Based on country, the Europe high heat bearing market comprises Germany, France, Italy, Spain, the UK, Russia, and the Rest of Europe. Germany held the largest share in 2023.

The high heat bearing market in Germany is witnessing steady growth, fueled by advancements across industries such as automotive. According to VDA, German Association of the Automotive Industry, domestic passenger car production in December 2023 totaled 264,500 units, reflecting a modest increase of nearly 1% compared to December of the previous year. Notably, in December 2023, a significant 72,550 new electric vehicles were registered, highlighting the ongoing expansion of the EV fleet, propelling the demand for high heat bearings in the country. Thus, a strong push toward a more sustainable transportation system supports the high heat bearing market in Germany.

Europe High Heat Bearing Market Report Highlights

Europe High Heat Bearing Market Company Profiles

Some of the key players operating in the market include NSK Ltd; NTN Corp; RBC Bearings Incorporated; SKF AB; Global Bearing Technologies S.r.L; Dalian Chengfeng Bearing Sales Co., Ltd; Scheerer Bearing Corporation; DURBAL Metallwarenfabrik GmbH; Graphite Metallizing Corporation; and ISK bearings, among others. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.

Europe High Heat Bearing Market Research Methodology :

The following methodology has been followed for the collection and analysis of data presented in this report:

• Secondary Research

The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:

• Company websites, annual reports, financial statements, broker analyses, and investor presentations.
• Industry trade journals and other relevant publications.
• Government documents, statistical databases, and market reports.
• News articles, press releases, and webcasts specific to companies operating in the market.

Note: All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.

• Primary Research

The Insight Partners conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis and gain valuable insights. These research interviews are designed to:

• Validate and refine findings from secondary research.
• Enhance the expertise and market understanding of the analysis team.
• Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects.

Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:

• Industry stakeholders: Vice Presidents, business development managers, market intelligence managers, and national sales managers
• External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise

Europe High Heat Bearing Market Country and Regional Insights